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Originally posted by johnny2127
A few things to point out.
1) There isn't enough paper cash in existence to cover all the dollars in electronic accounts. Has been that way for decades. So banks having a lack of cash on a Friday after a 5 day business week is nothing unusual. Especially in April when people are paying taxes or cashing their tax refund checks.
2) The OP fails to take the next logical step and realize that if the collapse comes that he is illogically predicting this weekend, the dollars he took out would be worthless as well.
3) A run on a bank doesn't cause an economic collapse; an economic collapse causes a run on the bank. See anything happen like that this weekend? Didn't happen when banks were collapsing left and right and money market funds 'broke the buck'. Nothing like that now. Some huge catalyst would have to happen for what the OP proposes.
4) I saw the msnbc video and article, and no offense but it is nothing new and contained no bomb shells. Everything in their is known and it's not something catching fire and spreading all over. If the OP didn't know what was stated in the msnbc article, that is due tok their lack of paying attention the last 3 years.
[edit on 10-4-2010 by johnny2127]
, and my
"predictions"
in what I have done is sounder that the half baked comments a lot of people seem to not care to check in making around here. when they come for that shield you like to lean on while offering discourse to the people on opinionated review, then you'll understand what I mean.
"logic"
Originally posted by townio
That's quite amazing as a story. I think a lot is true in what this man was saying to you, but you have to realize that if the banking system does collapse then even cash will be worthless.
Originally posted by andrewh7
Originally posted by DarkspARCS
hello everyone.
Today was the day to withdraw, I told myself. So I went to my regular U.S. Bank and explained to them my request. The branch manager then took my request and then started in on how great and insoveable U.S. BanCorp was, and yada yada, and how great his trust in it's CEO was yoda yoda and sought to give me every reason why I should keep my money in the bank, where it's safe. Needless to say, I strongly asserted that I wished for cash and not a check.
This isn't the 1930s. No one would bother to make a run on the banks because the FDIC insures up to $250,000 for any particular account. Especially considering the fact that the customers of other banks that failed got all their money back without a problem.
Now, if you were a shareholder in that bank, you would lose all your money. If the guy at the bank claimed he could understand your reasoning, he was lying just to get you out of there.
Then he goes on about how all accounts are FDIC insured and I had no need to worry myself over fear mongering....
He then relayed to me about how stable U.S. Bank is, and about his trust and confidence in its CEO, which - as a matter of fact, "even the FDIC has approached us for loans to offset thier debts, that's how solid U.S. Bank is."
Is it because they are telling us that the FDIC is itself in such a dire position that if it did not necessitate an approach to 'borrow' money from the single bank in the entire country that has remained untouchable they themselves would have no money to service the insured accounts?
I just stared at him with my mouth open, and asked him if he realised what he just told me. Then without missing a beat I told him," you just relayed to my attention the fact that the FDIC is now so insolvant that they'e now asking private business for loans. Your precious FDIC doesn't have the cash needed to fullfill the obligations they made claim to as an insurer, and how could he in two breaths say one thing about it and then practically assure me of something that in reality no longer has any form of power or position to insure, to argue for the keeping of my money in his bank?
He couldn't at that point answer that question, almost like he never thought of it that way....
Originally posted by DarkspARCS
Originally posted by johnny2127
A few things to point out.
1) There isn't enough paper cash in existence to cover all the dollars in electronic accounts. Has been that way for decades. So banks having a lack of cash on a Friday after a 5 day business week is nothing unusual. Especially in April when people are paying taxes or cashing their tax refund checks.
2) The OP fails to take the next logical step and realize that if the collapse comes that he is illogically predicting this weekend, the dollars he took out would be worthless as well.
3) A run on a bank doesn't cause an economic collapse; an economic collapse causes a run on the bank. See anything happen like that this weekend? Didn't happen when banks were collapsing left and right and money market funds 'broke the buck'. Nothing like that now. Some huge catalyst would have to happen for what the OP proposes.
4) I saw the msnbc video and article, and no offense but it is nothing new and contained no bomb shells. Everything in their is known and it's not something catching fire and spreading all over. If the OP didn't know what was stated in the msnbc article, that is due tok their lack of paying attention the last 3 years.
[edit on 10-4-2010 by johnny2127]
lol... OK, allow me to once again emphasize the reasons why I chose to pull my account.
1. it was not because I "suddenly" learned something new about the world I live in via the MSNBC video. The role that MSNBC video played in determining my action is that that video DID reveal something new.
FOR THE FIRST TIME, AN ACTUAL MAIN STREAM MEDIA ENTITY WAS MAKING THIS INFORMATION PUBLIC... INFORMATION FORMERLY THOUGHT OF AS CONSPIRATOUS INFORMATION ONLY CONCIEVABLE TO AN INSANE MENTALITY.
Now the masses can see that both a MSM entity as well as a legitamate Congressman are backing it - and suddenly the stampede is started... "MMMOOOOO - GET OUT THE WAY ... MMMOOOOOO " (which is what thier intentions were ultimately imho.)
2. My intentions are to liquidate this paper into a tangible series of assets , like I've said now for the third time, that will have the greatest probability of surviving the currency change over that's coming to an economy near you WHY CANT PEOPLE SEE THAT THIS IS - INSTEAD OF A PARANOID ACTION DONE BY ME, AS HAS BEEN INSINUATED, INSTEAD BE A PRUDENT INVESTMENT ALTERNATIVE TO OFFSET AN APPROACHING CHANGE?
That's right people. YES WE CAN... CHANGE IS ABOUT TO HAPPEN... and I'm doing it now, as so should you.
I didn't make any, and my
"predictions"in what I have done is sounder that the half baked comments a lot of people seem to not care to check in making around here. when they come for that shield you like to lean on while offering discourse to the people on opinionated review, then you'll understand what I mean.
"logic"
It's all in simple English, really. Why are some people so confused by it?
Originally posted by johnny2127
A few things to point out.
1) There isn't enough paper cash in existence to cover all the dollars in electronic accounts. Has been that way for decades. So banks having a lack of cash on a Friday after a 5 day business week is nothing unusual. Especially in April when people are paying taxes or cashing their tax refund checks.
Originally posted by johnny2127
2) The OP fails to take the next logical step and realize that if the collapse comes that he is illogically predicting this weekend, the dollars he took out would be worthless as well.
Originally posted by johnny2127
3) A run on a bank doesn't cause an economic collapse; an economic collapse causes a run on the bank. See anything happen like that this weekend? Didn't happen when banks were collapsing left and right and money market funds 'broke the buck'. Nothing like that now. Some huge catalyst would have to happen for what the OP proposes.
Originally posted by johnny2127
4) I saw the msnbc video and article, and no offense but it is nothing new and contained no bomb shells. Everything in their is known and it's not something catching fire and spreading all over. If the OP didn't know what was stated in the msnbc article, that is due tok their lack of paying attention the last 3 years.
Originally posted by Subjective Truth
What evidence does OP have other than personal opinion? 39 flags for a could be something thread? Look around do any of you see the tell tale signs of the banking system crashing on Monday? Yes the economy is bad and will eventually collapse but it will be a slow drawn out process so the masses dont see the real truth until the very end.
Originally posted by Subjective Truth
What evidence does OP have other than personal opinion? 39 flags for a could be something thread? Look around do any of you see the tell tale signs of the banking system crashing on Monday? Yes the economy is bad and will eventually collapse but it will be a slow drawn out process so the masses dont see the real truth until the very end.
There is way to much wealth left in the system and they have not bleed it for all it is worth yet this is the simple truth. See it and dont be a doomsday sheep.
ATS is full of what I like to call wanters they want doom and gloom so very badly. The sad part is if you believe this long enough it can become a self fulfilling prophecy. Look around in your life outside of ATS is any one saying the sky is falling? When this happens worry until then see the truth for what it is.
I f I am wrong it does not really matter anyways because the end will be truly around the corner. But I bet I am right heck I even predict I am right lets see who after Monday has a better bating average me or the OP.
I went to the bank to cash a check. The bank cashier said that they can't cash it since it was written from a different bank and I have to have the amount on the check already in my account in order to cash the check--as if I am withdrawing. I said, I have done this so many times before and no one has said this before, and she asked me who let me and said they're violating policy. I said, the manager. He came out and signed it and let me do it and said I can do it because of "the relationship I have with the bank and because we know you" that they let me do it. wtf. I thought on the way home something smart I could've said: "so if I won a million dollars in the lottery, I couldn't cash the check because I didn't already have a million dollars in my account?"
Who else has heard of this banking policy?
When health insurance companies triumphantly announced they had found a loophole which would permit them to deny coverage to children with pre-existing conditions, Jon Stewart asked the right question: why were you looking for loopholes? Why are you screwing over the children? We all know the answer. These companies are in the money-making business, and health insurance is just a sideline operation. Gaming the system is a profit center.
Quite a few observers, including this blogger, have been stunned and frustrated at the refusal to investigate what was almost certain accounting fraud at Lehman. Despite the bankruptcy administrator’s effort to blame the gaping hole in Lehman’s balance sheet on its disorderly collapse, the idea that the firm, which was by its own accounts solvent, would suddenly spring a roughly $130+ billion hole in its $660 billion balance sheet, is simply implausible on its face.